Changes to the federal Home Affordable Refinance Program, widely known as HARP, include eliminating certain fees and the 125 percent loan-to-value cap for fixed-rate loans, which has impeded many borrowers from refinancing. We asked the U-T Housing Huddle, our group of 11 real estate insiders:

Do you believe the revamped rules will significantly improve the San Diego housing market?

No. A meaningful improvement in the housing market will only come about due to the following factors: One, improved job growth, and two, an increase in consumer confidence. Without either factor improving, meaningful and significant improvements in the local housing market will be slow to come about. What is missing in our market is confidence that our economic condition is improving and employment prospects are favorable. That stated, HARP is one of several initiatives that will help the homeowners who want to stay in their homes and can take advantage of the program. There is no one "silver bullet" to cure our market. But, like trying to solve many problems, we must enact many solutions to help move the needle in a positive direction. The few homeowners the program helps are those who won’t continue toward the path of foreclosure. However, meaningful change will only come about through a return to widespread economic prosperity. Those in leadership must make this their first priority, and enact policies that will let the private market grow confidently.

•Murtaza Baxamusa, directs planning and development for the Family Housing Corporation, of the San Diego Building Trades in Mission Valley:

No. With one in four single-family mortgages in San Diego underwater, any opportunity to reduce mortgage payments by locking in low interest rates will help stabilize the broader market. In neighborhoods with volatile prices, relaxation of rules on appraisals will generate some demand for mortgage refinances. However, the impact is likely to be dispersed, long-term and limited within the local housing market. This is because low-income neighborhoods that saw home equity disproportionately collapse, also have homeowners impacted by economic hardships and may have fallen behind on payments. Unless banks step up with vehicles to help a broader swath of struggling homeowners, the impact will be nominal.

No. Although I certainly applaud any attempt to reward responsible homeowners who continue to make their payments despite declining home values. The new HARP guidelines are a step in the right direction but likely not enough to significantly improve our market. Not every loan will be eligible for refinancing through the program. I wish the program would extend to all homeowners, not just those loans owned by Fannie Mae or Freddie Mac (a requirement of the HARP program). Homeowners are more likely to continue making payments if they are able to reduce their monthly payment by refinancing to a lower interest rate. A reward for playing by the rules is certainly a good idea.